Prime Minister Narendra Modi today said India is well on track to become a $5 trillion economy and hailed the economic growth of the nation citing key economic indicators including Gross Domestic Product (GDP) growth, inflow of Foreign Direct Investment (FDI), Current Account Deficit (CAD) and Fiscal Deficit.
“We are today discussing the topic of $5 trillion economy for India. According to the International Monetary Fund (IMF), the country’s share in the World GDP in nominal terms has risen to 3.1 per cent in the past 4 years of our government as compared to 2.4 per cent at the end of 2013,” Modi said addressing a gathering of top industrialists at the Economic Times Global Summit (GBS) 2018 here.
He added that the achievement assumes more significance as India’s contribution to the growth in the World’s GDP has now gone up to 21 per cent. “India is now performing much better than the last government 3 years back on all macroeconomic parameters. The CAD has been brought down from an alarming 4 per cent three years ago to 1 per cent now. Fiscal Deficit, too, has come down to 3.5 per cent from 4.5 per cent earlier,” Modi said in his keynote address at the two-day summit. Read More
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